MLP holdings cap of 25% may create tax advantages over pure MLP funds; however, the 25% cap limits the investor’s ability to experience the potential advantages of investing in a greater percentage of MLPs

Experienced investment firm with expertise in energy infrastructure and MLPs

SUB-ADVISER

Kayne Anderson Capital Advisors, L.P. ("KACALP") was founded in 1984 and is registered with the SEC as an investment advisor. KACALP is an independent alternative investment management firm focused on niche investing in upstream oil and gas companies, energy infrastructure, growth private equity, specialty real estate, middle market credit and municipal opportunities. KACALP and its affiliates currently manage assets for institutional investors, family offices and high-net-worth individuals, with offices in Los Angeles, Houston, New York, Chicago, Denver, Atlanta and Dallas. For more information, please visit www.kaynecapital.com

The chart illustrates the performance of a hypothetical $10,000 investment made in the fund on commencement of operations. Figures include reinvestment of capital gains and dividends, but do not reflect the effect of any applicable sales charges or redemption fees, which would lower these figures. This chart is not intended to imply any future performance of the fund. Please see important disclosures at the end of this document regarding performance data. Please refer to the table above for performance data current to the most recent month-end.

MORNINGSTAR STYLE BOX™

The Morningstar Style BoxTM reveals a fund's investment style based on portfolio holdings.

OVERALL MORNINGSTAR™ RATING

CALENDAR YEAR PERFORMANCE

A Shares
(at NAV)

S&P 500®

Transamerica MLP & Energy Income Blended Benchmark

2015

-37.19%

1.38%

-17.55%

2014

3.35%

13.69%

6.40%

RISK MEASURES

3 - Year

Since Inception

Standard Deviation

19.56

18.20

Beta

1.66

1.63

Alpha

-4.90

-3.34

Tracking Error

10.65

9.99

R-Squared

83.60

82.00

Sharpe Ratio

-0.34

-0.27

Information Ratio

-0.53

-0.39

Risk Measures are in comparison to the fund's blended benchmark unless otherwise indicated. Based on share class shown for both the 3-year period and since inception of the fund.

Holdings are subject to change and are not recommendations to buy or sell a security. Holdings display excludes cash and cash equivalents.

EQUITY STATISTICS

Weighted Average Market Cap

$14.37 Billion

Median Market Cap

$7.32 Billion

CREDIT QUALITY

BB and Below

100.00%

Data as of 9/30/16
Source: Kayne Anderson Capital Advisors, L.P. Credit quality ratings are received from S&P®. NR includes securities that are not rated by S&P®, but may be rated by other Nationally Recognized Statistical Rating Organizations.

PORTFOLIO ALLOCATION

*Master Limited Partnership ('MLP') allocation includes MLP’s that have elected to be taxed as a 'C' corporation for U.S. federal income tax purposes.

30-DAY SEC YIELDThe 30-Day SEC Yield is computed in accordance with a standardized method prescribed by rules of the SEC. The 30-day SEC Yield is computed by dividing the fund's investment income per share earned during a particular 30-day base period by the maximum offering price per share on the last day of the base period, and then annualizing the result. The 30-day SEC Yield is calculated at each month end and updated within the first ten business days of the following month. These yields reflect the reimbursements or waivers of certain expense. Had fees not been waived and/or expenses reimbursed, the yields would have been lower.

12-MONTH DISTRIBUTION YIELDThe 12-Month distribution yield is calculated by taking the sum of all distributions occurring over the previous twelve calendar months and dividing the result by the Fund's Net Asset Value (NAV) as of the date of the previous month-end. The distribution yield represents a 12-month historical distribution and does not represent the total return of the Fund and is not necessarily an indication of future distributions or yield. For Funds that have been in operation for less than one year, an annualized distribution yield is calculated by annualizing the Fund's historical distributions to date and dividing the result by the Fund's Net Asset Value (NAV) as of the date of the previous month-end. The annualized distribution yield represents an estimated 12-month distribution from the Fund based on the limited distribution history of the Fund to date and does not represent the total return of the Fund and is not necessarily an indication of future distributions or yield. Past performance does not guarantee future results.

FUND PERFORMANCE
*Expense ratios are as-of the most recent prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2017.
**Reflects average annual returns. Returns for funds that are less than one year old are not annualized.

The performance data presented here represents past performance; future results will vary. Current performance may be lower or higher than the performance data quoted. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Performance may not be available for all periods indicated. Net Asset Value (NAV) returns include reinvestment of dividends and capital gains, but do not reflect any sales charges. Public Offering Price (POP) returns include reinvestment of dividends and capital gains, and reflect the maximum sales charge.

Maximum sales charge for Class A shares is 5.50%.

Purchases of Class C Shares are subject to a 1.00% contingent deferred sales charge if redeemed during the first 12 months of purchase.

There are no sales charges on Class I. Class I shares are currently primarily offered for investment to institutional investors including, but not limited to, fee-based programs, pension plans, and certain endowment plans and foundations.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Adviser. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Adviser.

1 Year returns reflect total return.

RISK MEASURESRisk measures are in comparison to a blended benchmark made up of 50% Alerian MLP Total Return Index and 50% Barclays Investment-Grade Credit Index. Standard Deviation is a statistical measurement that helps to gauge the fund's historical volatility. Historical Beta illustrates a fund's sensitivity to price movements in relation to a benchmark index. Alpha is a coefficient measuring the portion of a fund's return arising from specific (non-market) risk. Tracking Error is the difference between the price behavior of a fund and the price behavior of a benchmark. R-Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in a benchmark index. Sharpe Ratio is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. Information Ratio is a ratio of portfolio returns above those of a benchmark compared to the volatility of those returns.

The S&P 500® and Transamerica MLP & Energy Income Blended Benchmark (50% Alerian MLP Total Return Index and 50% Barclays Investment-Grade Credit Index) are unmanaged indices used as general measures of market performance. It is not possible to invest directly into an index. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses.

Investing in MLPs involve risks related to limited control, cash flow changes, dilution risks and risk linked to the general partner’s right to require unit holders to sell their common units at an undesirable time or price. The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.

The fund is subject to certain MLP tax risks. As the fund is registered as a Regulated Investment Company, the fund does not pay taxes. Changes to government regulations may impact future returns.

The fund is classified as “non-diversified”, which means it may invest a larger percentage of its assets in a smaller number of issuers or sectors than a diversified fund. To the extent the fund invests its assets in fewer issuers, the fund will be more susceptible to negative events affecting those issuers.

Shares may be sold (or “redeemed”) on any day the New York Stock Exchange is open for business. Proceeds from the redemption of shares will usually be sent to the redeeming shareholder within three business days after receipt in good order of a request for redemption. However, Transamerica Funds has the right to take up to seven days to pay redemption proceeds, and may postpone payment under certain circumstances, as authorized by law.

Due to rounding, not all of the percentages will equal 100%.

Shares of the fund may only be sold by offering the fund's prospectus. You should consider the investment objective, risks, charges, and expenses of the fund carefully before investing. The prospectus contains this and additional important information regarding the fund. To obtain the prospectus and/or a summary prospectus, please contact your financial professional or go to Transamerica.com. The prospectus should be read carefully before investing.

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Insurance products and services are offered or issued by Transamerica Life Insurance Company1, Cedar Rapids, IA; Transamerica Financial Life Insurance Company, Harrison, NY (licensed in New York); Transamerica Advisors Life Insurance Company, Little Rock, AR; Transamerica Premier Life Insurance Company, Cedar Rapids, IA; and Transamerica Casualty Insurance Company, Columbus, OH. Variable products and mutual funds are underwritten and distributed by Transamerica Capital, Inc., or Transamerica Investors Securities Corporation, each a broker/dealer and member of FINRA. Securities and investment advisory services offered by Transamerica Financial Advisors, Inc., a broker/dealer, member of FINRA, SIPC and a Registered Investment Adviser. Investment advisory services are also offered by Transamerica Retirement Advisors, LLC, a Registered Investment Adviser. References to Transamerica on this site apply to an individual company or collectively to these and other Transamerica companies. This site may not yet be approved by the Departments of Insurance in all states at the time of publication. Transamerica companies are part of the Aegon Group. Copyright 2011 - 2016 Transamerica Corporation, 4333 Edgewood Road NE, Cedar Rapids, IA 52499—All Rights Reserved.

1Stonebridge Life Insurance Company merged into Transamerica Life Insurance Company on October 1, 2015.